Hi All, I need some guidance Or some file viz. Xls or other that can calculate the pension as per the latest rules. Can any body help in this matter. Thanks to all in anticipation. Hemant Kansara
From India, Surat
8From India, Surat
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There is no upper limit for EPS-95 pension. For pension calculation, the service will be taken into 2 parts: service before 16.11.95 and service w.e.f 16.11.95. The first one is called past service and the latter one is referred to as pensionable service. Past service is divided into 4 slabs: service up to 11 years, 12 to 15 years, 16 to 19 years, and 20 & above. If the salary on 16.11.95 is below Rs. 2500, the monthly compensation will be Rs. 80, 95, 120, and 150 respectively. For Rs. 2500 & above, this will be Rs. 85, 105, 135, and 170. This amount is for those who attain 58 years on 16.11.95. In the case of those who attain 58 years after 16.11.95, the above compensation will be multiplied by a factor stipulated in table B, according to the difference between 16.11.95 and the date of completion of 58 years.
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on the statutory ceiling of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In the case of the 2nd group, pensionable salary is Rs. 6500. In the other two cases, pensionable salary will be the average of the last twelve months. Additionally, if pensionable service is 20 years & above, a 2-year bonus will be given.
For details, please visit the website: http://epfindia.com <link updated to site home>
One example I shall quote:
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yrs 9 mos (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e., the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
I shall insert an Excel worksheet to calculate pension. Enter Date of Birth, Date of Join, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund) and break in service before and after 16.11.95, if any, in the green color column. The results will appear in the yellow color column. The red color is for static information.
In case of any errors or suggestions, please notify me.
ABBAS.P.S,
Secretary,
ITI Employees' Association,
ITI Limited, PALAKKAD 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667
From India, Bangalore
For pensionable service, there is a formula to calculate pension: Pensionable Salary x Pensionable Service / 70. Pensionable salary can be categorized into 3 groups: 1) Below Rs. 6500. 2) Rs. 6500 & above, but contribution on the statutory ceiling of Rs. 6500. 3) Above Rs. 6500 & opted to contribute on actual salary. In the case of the 2nd group, pensionable salary is Rs. 6500. In the other two cases, pensionable salary will be the average of the last twelve months. Additionally, if pensionable service is 20 years & above, a 2-year bonus will be given.
For details, please visit the website: http://epfindia.com <link updated to site home>
One example I shall quote:
Date of Birth - 2.1.1961
Date of join - 23.2.1987
Salary on 16.11.95 - Rs. 2500 & above
Salary on completion of 58 years on 1.1.2019 - Rs. 6500 (Statutory Ceiling)
Past Service - 8 yrs 9 mos (approx) rounded to 9 years
Compensation - Rs. 85
Factor as per Table B (for less than 24 years, i.e., the difference between 16.11.95 & 1.1.2019) - 6.102
(This can be calculated as 1.08 to the power of 24 - 0.5, correct to 3 decimals)
Past Service Benefit - 85 x 6.102 = Rs. 519 - (A)
Pensionable Service - 23 years
Bonus (Service is 20 & above) - 2
Pensionable Salary - Rs. 6500
Pensionable Benefit - 6500 x 25 / 70 = 2321 - (B)
Total Pension - (A) + (B) = Rs. 2840
I shall insert an Excel worksheet to calculate pension. Enter Date of Birth, Date of Join, Date of Separation from Service, Salary on 16.11.95, Salary on Separation from Service (in compliance with the contribution to the pension fund) and break in service before and after 16.11.95, if any, in the green color column. The results will appear in the yellow color column. The red color is for static information.
In case of any errors or suggestions, please notify me.
ABBAS.P.S,
Secretary,
ITI Employees' Association,
ITI Limited, PALAKKAD 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667
From India, Bangalore
Dear Abbas,
Good job done! I thank you for the efforts you put into helping our friends. This is very useful. I suggest that you hide and protect the calculation formula part in your Excel sheet and keep only the editable and final result view fields visible to the users.
Regards,
G. R. Bavarva
From India, Ahmadabad
Good job done! I thank you for the efforts you put into helping our friends. This is very useful. I suggest that you hide and protect the calculation formula part in your Excel sheet and keep only the editable and final result view fields visible to the users.
Regards,
G. R. Bavarva
From India, Ahmadabad
Dear Bavarava,
Thank you for the compliments and suggestions. Regarding your suggestion to hide the calculation part, my view is that if somebody goes through this and gets triggered by taking this as guidance, it will be helpful to them and society.
Abbas
From India, Bangalore
Thank you for the compliments and suggestions. Regarding your suggestion to hide the calculation part, my view is that if somebody goes through this and gets triggered by taking this as guidance, it will be helpful to them and society.
Abbas
From India, Bangalore
i have completed 14 years of service joined in 03 july 1996. if i resign now what will be my pension. basic of my last drawn salary is rs.20k
From India, Bangalore
From India, Bangalore
Ceiling limit on salary is Rs. 6500. Pension is calculated as Salary * Service / 70, i.e., 6500 x 14/70 = 1300.
Please note that the Expert Committee on EPS has submitted their report to the Government. There is a chance to enhance the benefits recently. Hence, don't hurry to resign and wait for a few more periods.
- Abbas
From India, Bangalore
Please note that the Expert Committee on EPS has submitted their report to the Government. There is a chance to enhance the benefits recently. Hence, don't hurry to resign and wait for a few more periods.
- Abbas
From India, Bangalore
I have changed companies three times. Each of the three companies has its own PF trust. What will happen to the pension that I have accrued in those companies if I haven't transferred either the PF or the pension fund? Who will own the pension fund?
From India
From India
Dear Lateesh,
The pension fund will be with the concerned Offices of Regional PF Commissioner. You may apply to the concerned PF offices separately through respective employers in Form 13 to transfer the pension details to the last location.
Abbas P.S.
From India, Bangalore
The pension fund will be with the concerned Offices of Regional PF Commissioner. You may apply to the concerned PF offices separately through respective employers in Form 13 to transfer the pension details to the last location.
Abbas P.S.
From India, Bangalore
Dear Mahadeva,
Division by 70 is not my proposal; it is the formula stipulated by the EPFO. At the time of the introduction of PF pension (16.11.1995), for 33 years of service, equivalent service pension is 50%. In PF pension, 2 years will be added as a bonus for those who have completed 20 years of service. Accordingly, 33 years will be treated as 33+2 = 35. To get 50%, 35 is to be divided by 70. This is said to be the justification for dividing by 70.
Abbas.P.S
From India, Bangalore
Division by 70 is not my proposal; it is the formula stipulated by the EPFO. At the time of the introduction of PF pension (16.11.1995), for 33 years of service, equivalent service pension is 50%. In PF pension, 2 years will be added as a bonus for those who have completed 20 years of service. Accordingly, 33 years will be treated as 33+2 = 35. To get 50%, 35 is to be divided by 70. This is said to be the justification for dividing by 70.
Abbas.P.S
From India, Bangalore
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